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Laguna Labs CEO: Gensler and the SEC are ‘living in the past’

The US Securities and Exchange Commission (SEC) Chair Gary Gensler’s recent comments about Ethereum following its switch from Proof-of-Work to Proof-of-Stake were “disappointing” and akin to ‘living in the past’.

That’s how Stefan Rust, CEO of blockchain development house Laguna Labs has summed up Gensler’s reaction to the Ethereum merge.

To recap what the SEC Chair said, he basically hinted at the consensus change as a development that could see Ethereum considered a security. In the past, Gensler has signaled that only Bitcoin does not fall into this category.

Rust slams Gensler’s comments on Ethereum

Rust says the kind of reaction Gensler offered after the Merge relates to the “stultified situation” that the developed world now finds itself.

In comments shared with CoinJournal on Wednesday, Rust said that Gensler and others within the traditional finance sector need to embrace innovation, otherwise their ignorance and fear could turn out to be a threat to the US and other Western countries’ economies.

Notably, the Laguna Labs CEO sees Gensler’s reaction as typical of the resistance to technological innovation that continues to plague players within the traditional finance sector.

Rather than welcome what is sure to be one of the greatest technological innovations of our age – an event that will see “the world’s computer“ cut its carbon emissions by 99% and become a truly viable solution for the future of the global Web3 economy – they tore it down,” Rust told CoinJournal.

The SEC Chair is either “ignoring” or perhaps does not understand the global community behind Ethereum as well as “the interplay of staking and node operation,” Rust said.

He suggests that if Gensler and others of similar persuasion knew or understood, then they would not be focusing on staking profits as the basis to consider Ether a security.

It speaks much to the threat that is clearly perceived by these people from blockchain and cryptocurrency. Or perhaps more than this, it speaks to the inability of these figures to understand the significance of this technology,” he added.

In Rust’s opinion, the pace of innovation is forcing some regulators, who still hold onto traditional finance concepts, to seek the application of “old terms and rules on new technology.” He opines that this kind of approach won’t work and will only come to harm the regulatory regimes and the respective economies pushing them.

The post Laguna Labs CEO: Gensler and the SEC are ‘living in the past’ appeared first on CoinJournal.

Cosmos: Discussing ATOM’s potential to reach $16

Disclaimer: The findings of the following analysis are the sole opinions of the writer and should not be considered investment advice. After attaining its all-time high (ATH) in January this year, Cosmos (ATOM)’s price came under fire as it succumbed to the market-wide selling pressure. In particular, April-June saw an unhindered bear run that pulled the::Listen

Disclaimer: The findings of the following analysis are the sole opinions of the writer and should not be considered investment advice.

After attaining its all-time high (ATH) in January this year, Cosmos (ATOM)’s price came under fire as it succumbed to the market-wide selling pressure. In particular, April-June saw an unhindered bear run that pulled the coin toward its 20-month low.

While the recent price movements have marked gradual growth in the last three months, ATOM flipped the 200 EMA (green) from resistance to immediate support.

The coin currently stood at a vital juncture. A rebound from the confluence of support levels could aid the token in marking a near-term rally.

But the divergences along the indicators could pose hurdles. At press time, the alt traded at $14.4, up by 4.39% in the last 24 hours. 

ATOM 4-hour Chart

 

Source: TradingView, ATOM/USDT

The rebound from ATOM’s 20-month low in June set the stage for a consistent recovery on the charts. These bullish efforts have aided the token in finding a spot above the 200 EMA. But the price was yet to fixate a solid position above the 20 EMA (red) and 50 EMA (cyan).  

The recent ascending triangle breakout gave ATOM the much-needed push to flip the $13.4 level from resistance to support. Also, during the last two months, the price action has traced out an ascending channel (white).

With the price action bouncing back from the lower trendline of the up-channel and the 200 EMA support, it could find a bull rally provided it breaches the $14.6 resistance barrier. A close above this level would open buying opportunities with a target in the $15.3-$16 range. 

Any bullish crossovers on the 20/50 EMA would affirm an increase in near-term buying strength. But an inability of the price to break above the 50 EMA and the $14.6 barrier would likely induce a slow-moving compressed phase on the charts.

A close below the up-channel and the $13.4 baseline would hint at a selling signal.   

Rationale

 

 

Source: TradingView, ATOM/USDT

The Relative Strength Index (RSI) showed gradual recovery as it approached the midline from the oversold mark. But its lower peaks have bearishly diverged with the price action.

The Awesome Oscillator (AO) resonated with the ease in selling pressure as it closed above the zero mark. If the AO maintains its spot above this mark, it could present a buying opportunity. Nevertheless, the ADX displayed a fragile directional trend for ATOM.

Conclusion

Looking at the confluence of support levels (200 EMA, lower trendline of up-channel, $13.4 level), ATOM buyers would look for a convincing rebound. But the traders should look for entry triggers and targets discussed above to accommodate a bullish invalidation.

At last, market sentiment analysis to complement these technical factors is vital for making a profitable move.

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*This article originally appeared in AMB Crypto

Recommended: Is Cosmos Poised For a ‘Giga-Pump’?

The post Cosmos: Discussing ATOM’s potential to reach $16 appeared first on CryptosRus.

Laguna Labs CEO: Gensler and the SEC are ‘living in the past’

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